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Proper transfer of custodianship in sale

Love your emails. I am selling my practice to a younger ophthalmologist. What should I put down for his responsibility to own and maintain the charts to satisfy NYS requirements?

Thanks, Dr. P

Answer:

Thanks so much! For the transfer, you would want a custodianship agreement in place to document the proper transfer and future requirements - the language in there would document the transfer of responsibility and future requirements for record keeping for the purchasing doctor. Also I would recommend proper reps and warranties be made in that document and indemnification protection. If you are selling, this would all be covered in a proper purchase agreement.